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\begin{tabular}{lcccccccccccccccc} \hline
 & (1) & (2) & (3) & (4) & (5) & (6) & (7) & (8) & (9) & (10) & (11) & (12) & (13) & (14) & (15) & (16) \\
VARIABLES & IG & IG & IG & IG & IG & IG & IG & IG & IG & IG & IG & IG & IG & IG & IG & IG \\ \hline
 &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  \\
DiffPP & 0.001 &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  \\
 & (0.001) &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  \\
SEX &  & -0.001 &  &  &  &  &  &  &  &  &  &  &  &  &  &  \\
 &  & (0.001) &  &  &  &  &  &  &  &  &  &  &  &  &  &  \\
FEMALE &  &  & -0.001 &  &  &  &  &  &  &  &  &  &  &  &  &  \\
 &  &  & (0.003) &  &  &  &  &  &  &  &  &  &  &  &  &  \\
NAT1 &  &  &  & -0.008 &  &  &  &  &  &  &  &  &  &  &  &  \\
 &  &  &  & (0.007) &  &  &  &  &  &  &  &  &  &  &  &  \\
ADM &  &  &  &  & 0.000 &  &  &  &  &  &  &  &  &  &  &  \\
 &  &  &  &  & (0.003) &  &  &  &  &  &  &  &  &  &  &  \\
ADPR &  &  &  &  &  & 0.010 &  &  &  &  &  &  &  &  &  &  \\
 &  &  &  &  &  & (0.015) &  &  &  &  &  &  &  &  &  &  \\
DEPB &  &  &  &  &  &  & 0.005 &  &  &  &  &  &  &  &  &  \\
 &  &  &  &  &  &  & (0.007) &  &  &  &  &  &  &  &  &  \\
REGBAC &  &  &  &  &  &  &  & 0.003 &  &  &  &  &  &  &  &  \\
 &  &  &  &  &  &  &  & (0.004) &  &  &  &  &  &  &  &  \\
SERIEBAC &  &  &  &  &  &  &  &  & -0.002** &  &  &  &  &  &  &  \\
 &  &  &  &  &  &  &  &  & (0.001) &  &  &  &  &  &  &  \\
DiffDR &  &  &  &  &  &  &  &  &  & -0.000 &  &  &  &  &  &  \\
 &  &  &  &  &  &  &  &  &  & (0.000) &  &  &  &  &  &  \\
NOFEE &  &  &  &  &  &  &  &  &  &  & -0.001 &  &  &  &  &  \\
 &  &  &  &  &  &  &  &  &  &  & (0.002) &  &  &  &  &  \\
PARI &  &  &  &  &  &  &  &  &  &  &  & 0.001 &  &  &  &  \\
 &  &  &  &  &  &  &  &  &  &  &  & (0.002) &  &  &  &  \\
ZIP &  &  &  &  &  &  &  &  &  &  &  &  & -0.001 &  &  &  \\
 &  &  &  &  &  &  &  &  &  &  &  &  & (0.004) &  &  &  \\
Paris &  &  &  &  &  &  &  &  &  &  &  &  &  & 0.000 &  &  \\
 &  &  &  &  &  &  &  &  &  &  &  &  &  & (0.001) &  &  \\
IDFBAC &  &  &  &  &  &  &  &  &  &  &  &  &  &  & 0.003 &  \\
 &  &  &  &  &  &  &  &  &  &  &  &  &  &  & (0.004) &  \\
PRO1 &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  & 0.005 \\
 &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  & (0.005) \\
Constant & 0.017*** & 0.019*** & 0.019*** & 0.019*** & 0.019*** & 0.019*** & 0.019*** & 0.018*** & 0.020*** & 0.020*** & 0.020*** & 0.018*** & 0.019*** & 0.019*** & 0.018*** & 0.019*** \\
 & (0.003) & (0.003) & (0.003) & (0.003) & (0.004) & (0.003) & (0.003) & (0.003) & (0.003) & (0.004) & (0.004) & (0.003) & (0.003) & (0.003) & (0.003) & (0.003) \\
 &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  &  \\
Observations & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 & 52,326 \\
 R-squared & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 \\ \hline
\multicolumn{17}{c}{ Robust standard errors in parentheses} \\
\multicolumn{17}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
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